Thailand’s prime minister, Paetongtarn Shinawatra, has declared £324m in assets including a collection of 217 designer handbags and 75 luxury watches in submissions on her wealth to a government body.
Paetongtarn, daughter of the billionaire ex-prime minister Thaksin Shinawatra, took office in September, the fourth member of the powerful family to lead Thailand.
Details of her wealth were revealed in declarations made to the National Anti-Corruption Commission (NACC), which is a requirement for those who hold public office and implies no suggestion of wrongdoing.
According to an NACC document published in local media, Paetongtarn declared investments worth more than £250m, and another £23m in deposits and cash. The declaration, which listed land in Japan and properties in London, also included 75 watches worth £3.8m, 217 handbags worth £1.8m, 23 vehicles worth £1.6m, 205 sets of earrings worth £1.2m and 67 necklaces worth £800,000.
She also declared liabilities of nearly £117m, giving her a net worth of £208m.
The extent of Paetongtarn’s wealth is unlikely to surprise most Thai voters. Her father, who made his fortunes in telecommunications and once owned Manchester City football club, has a net worth of £1.7bn, according to Forbes, making him the 10th richest person in Thailand.
Paetongtarn is often pictured in high-end designer clothes, from Chanel jackets and bags to Gucci shoes, while out on political engagements or in her own Instagram posts.
She is not the only Thai politician with expensive taste, however. Her rivals are also known for sporting designer labels and expensive watches. Prawit Wongsuwon, a former army general and part of the junta that took power after Paetongtarn’s aunt Yingluck was ousted, became infamous for a collection of more than 20 luxury watches that he was spotted wearing in public but had not declared to the NACC. Prawit said he had borrowed them from a dead friend – a claim that was ridiculed by many, though he was cleared of any wrongdoing by the NACC in 2018.
The Shinawatra family has dominated Thai politics since Thaksin was first elected prime minister in 2001. He went on to develop a loyal following among rural voters in the north, but was loathed by the military royalist establishment, which ousted him and other family members from power.
Much has changed since Thaksin first soared to popularity, however. The family, once seen as unbeatable at the ballot box, was surpassed by a newer, more progressive party, Move Forward, in the 2023 elections. Thaksin’s Pheu Thai party formed a deal with its old rivals to keep this newer party, now a mutual enemy, from power – a deal that proved controversial among its supporters.
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